Top 7 tips to get top dollar for your rental property

Whether you’ve
just bought an investment property or are downsizing and renting out your own
family home there are a number of things you should be doing before you put it
up for rent. Taking the time to get your property ready for market will help
ensure you get the best price as well as a conscientious tenant who’ll look
after your investment property.

1. Invest in luxury essentials

Once considered
luxury appliances, these days most renters will be looking for properties that
come with dishwashers, air-conditioners and security screens. It may feel like
a big outlay initially, but installing these items means you can ask more for
the property and you’ll attract a wider pool of quality applicants to choose
from.

2. Get the place ship-shape

Quality
tenants, the kind who pride themselves on being clean and tidy and are not in
the habit of having all-night parties, will not be interested in a property
that looks unkempt and a little grubby. Show quality tenants that you’re a
quality landlord by ensuring everything in the property is clean, tidy and in
good working order. This includes doors that slide, blinds that work, taps that
don’t leak, cooktops that cook and windows that open and shut.

3. Think about what’s underfoot.

New carpets
look great, but even with the most considerate of tenants your carpets will get
stained and show wear and tear over time. Is it worth taking up the carpets and
replacing them with tiles, laminate, polished concrete or timber floors? Much
easier to clean and maintain and they stay looking good for longer. The initial
outlay is an extra expense but over the long term you’ll save on professional
carpet cleaning and the cost of replacing the carpet every 5 years.

4. Consider pets

With housing
affordability at an all-time high, there’s a growing number of renters looking
for a place that allows pets. While some landlords are turned off the idea by
the thought of stains and damage to the garden, pet-owners are often willing to
pay more – in bond and in rent – to live somewhere that welcomes their
much-loved fur-baby.

5. Find the right letting agent

Do a quick
Google search and you’ll find dozens of rental agencies all offering to look
after your rental property. How do you sort the good from the mediocre? Look
for an agent that has a lot of experience in property management – not less
than 10 years. They’ll have the right experience to weed out the bad tenants
from a pile of applicants and they’re also have good relationships with the
best local contractors – electricians, plumbers, locksmiths and the like. A
good agent will also have tried-and-true systems in place to deal with late
payments and tenant disputes.

6. Landlord insurance

Landlord
insurance will protect your property against damage caused by fire, break-ins,
floods and storms. Some policies will also protect against unpaid rent and
malicious damage by tenants.

7. Up to regulation?

By law,
landlords are required to ensure their rental properties are compliant with
safety regulations. This includes ensuring that smoke alarms are installed,
pool fences meet current safety standards and there are no loose parts on
stairs, balconies and railings. Make sure all these items are up to code and
you’ll start off your Landlord career on the right foot.

For more tips
on how you can get your property rent-ready contact Lane Russell from PRDnationwide
Burleigh Heads on 07 5535 4499 or email lanerussell@prd.com.au.